Delivering organic growth by developing our reserves and resources is one of the target of our strategy.

Nordgold’s strong balance sheet and consistent free cash flow generation, enables us to continue investing in our globally diversified asset base across four continents and six countries, as well as in our exciting pipeline of capital efficient development projects, despite the volatile price environment.

In 2016, Nordgold invested US$28.0 million in exploration and evaluation and additional US$11.1 million in the Montagne d'Or project in French Guiana development and US$4.9 million in the Pistol Bay project in Canada. We report Exploration and Mineral Resources and Ore Reserves update for the period ended 31 December 2016 in accordance with the 2012 JORC code. Our investments delivered significant successes:

  • Ore Reserves increased by 6% or 851 thousand ounces (“koz”) to 14.9 Moz of gold in 2016, in addition to the 1.1 Moz replenishment of mined out ore .
  • Measured and Indicated Gold Resources increased by 13% or 2.8 koz to 24.8 Moz despite depletion of 1.1 Moz.
  • Total Mineral Resources increased by 10% or 3.0 Moz to 31.5 Moz mainly due to successful near-mine exploration, and the inclusion of Reserves and Resources of the Montagne d’Or project in French Guiana and Pistol Bay project in Canada for the first time, as previously guided.
  • Montagne d’Or attributable (55.01%) Ore Reserves of 1,510 koz and Mineral Resources of 2,646 koz were added to Nordgold’s 2016 total.
  • Pistol Bay Mineral Resources of 742 koz were added to Nordgold’s 2016 Nordgold total.
  • The Neryungri mine in Russia represented the most successful near-mine exploration activity in 2016, resulting in a 51% or 395 koz increase in Ore Reserves to 1,164 koz, and a 61% or 849 koz increase in Mineral Resources.
  • The recently launched Bouly mine in Burkina Faso increased its Ore Reserves by 24% or 310 koz to 1,628 koz, and Mineral Resources by 12% or 428 koz to 3,915 koz.

Proven and Probable Reserves
(‘000 ounces)

31 December 2016 31 December 2015 31 December 2014
Burkina Faso 3,994 3,887 3,570
Guinea 2,336 3,003 2,600
Russia 6,334 6,355 6,098
Kazakhstan 684 763 700
French Guiana (attributable 55.01%) 1,510 - -
Total 14,858 14,007 12,968

Mineral Resources
(‘000 ounces)

31 DECEMBER 2016 31 DECEMBER 2015 31 DECEMBER 2014
Burkina Faso 8,277 8,137 7,623
Guinea 3,678 4,794 5,528
Russia 14,135 13,804 14,057
Kazakhstan 2,014 1,782 1,786
French Guiana (attributable 55.01%) 2,646 - -
Canada 742 - -
Total 31,492 28,518 28,994

2017 key exploration and development priorities

  • Nordgold will continue to focus on near-mine and satellite deposits exploration at operating mines, with the aim of at least replacing mined out ore reserves annually.
  • We will continue to advance our exciting growth pipeline. The company will benefit in the near-medium term from two well defined growth projects – Gross and Montagne d’Or - that require only modest development capex.
  • Strategy of organic growth remains the primary focus, the strength of its cash flow generation and balance sheet means that Nordgold is also able to review new opportunities continuously with a view to acquiring premium-quality reserves and resources at competitive valuations to further enhance the reserve base.
  • The Company has strict criteria when considering potentially viable gold projects; they must be located in mining-friendly jurisdictions with non-refractory ore and 2+ Moz of potential minable resources. Such highly efficient assets will allow us to pay back the invested capital in the short-term and to continue delivering strong returns to our shareholders.


Anastasia Shatskaya

Acting Head of Media Relations
tel.+7 495 644 44 73 #707 6697

Irina Dormidontova

tel.+7 495 644 44 73


tel.+7 495 644 4473 #707 6746